Surging home insurance costs could force families to leave these 10 states (OK is one)

[Firpo]

Got a call from my daughter yesterday and USAA just raised hers more than double. She’s calling our agent who got us a good policy with American Modern. They saved me 7.5% and increased the coverage by $100,000.00 over the new rate I was quoted by our last insurer. Come to find out the old company we were with who was suggested by Geico has a less than stellar rating.

 

[PBramble]

What do you mean you can't have it both ways?

It's pretty simple, if you lend money to someone (especially in Oklahoma) you want at least some guarantee the property will be covered in a loss. How do you figure that's unreasonable? If you think that not requiring insurance is a good business model, then start up a lending company. It would be fun to watch.

Don't like it? Pay cash for your house and self insure.

It's unreasonable that the bank requires something that can be dropped on a whim. Yeah, they will provide it for you, at a much higher rate than the ones that you either can't get or can't afford. Then , they can come in and foreclose. Sounds like the whole system is set up so the bank can take your house with a little insurance collaboration. Cause we all know the insurance industry is a bunch of stand of people.

 

[JD8]

It's unreasonable that the bank requires something that can be dropped on a whim. Yeah, they will provide it for you, at a much higher rate than the ones that you either can't get or can't afford. Then , they can come in and foreclose. Sounds like the whole system is set up so the bank can take your house with a little insurance collaboration. Cause we all know the insurance industry is a bunch of stand of people.

It's like Ol'Joey is still here spewing his old retarded conspiracies.....

A bit to unpack again.

-Insurance companies cannot drop you on a "whim" per Oklahoma law, they have to give you 45 days notice.

-In addition, per federal law, a mortgage company must give you 45 days before they place coverage for you and charge you.

-Upon an insurance carrier dropping you, you have all sorts of companies to turn to. Off the top of my head: AAA
Allstate
Farmer's
State Farm
Progressive
SafeCo
USAA
Traveler's
CHUBB
PURE
Openly
Liberty Mutual
Mercury
AIG
Encompass
Hanover
Hartford
National General
Vault
Nationwide

So how does this tinfoil chit conspiracy work? Is there a secret society out there that co-ordinates all of these companies with the I dunno how many mortgage lenders out there? How much of a kickback does an insurance company get? It must be substantial enough to cover losing a paying customer. Do tell.

In addition, we must talk about the inefficiency. Approximately 285 homes were foreclosed in March of 2024.
https://www.sofi.com/learn/content/foreclosure-rates-for-50-states/ Out of ~1.7 Million. They gotta pump those numbers up!! For a conspiracy they sure are underperforming.


I have an honest question, and if you choose to ignore it again, then I have my answer. How do you not see the parallels in what you're saying should happen vs Obamacare? Now admitting you have some socialist thoughts might be a tough pill to swallow, but seriously..... how do you not see it? How do you not see that involving the government ruins a business sector. Healthcare insurance is garbage right now, and it's all because the government forced carriers to place coverage.

 

[turkeyrun]

so they drop your coverage and now the bank wants the note in full. Not many can afford that, so now they get to go to foreclosure. Seems a little harsh just because your agent didn't like something about the house. But hey, let's put everyone on the street where they belong, right?

Putting you out of home ownership IS their agenda.

But, not having insurance, they get coverage (not caring the cost) and add to your payment. When you miss payment, they will foreclose.

 

[oksportsman]

It's like Ol'Joey is still here spewing his old retarded conspiracies.....

A bit to unpack again.

-Insurance companies cannot drop you on a "whim" per Oklahoma law, they have to give you 45 days notice.

-In addition, per federal law, a mortgage company must give you 45 days before they place coverage for you and charge you.

-Upon an insurance carrier dropping you, you have all sorts of companies to turn to. Off the top of my head: AAA
Allstate
Farmer's
State Farm
Progressive
SafeCo
USAA
Traveler's
CHUBB
PURE
Openly
Liberty Mutual
Mercury
AIG
Encompass
Hanover
Hartford
National General
Vault
Nationwide

So how does this tinfoil chit conspiracy work? Is there a secret society out there that co-ordinates all of these companies with the I dunno how many mortgage lenders out there? How much of a kickback does an insurance company get? It must be substantial enough to cover losing a paying customer. Do tell.

In addition, we must talk about the inefficiency. Approximately 285 homes were foreclosed in March of 2024.
https://www.sofi.com/learn/content/foreclosure-rates-for-50-states/ Out of ~1.7 Million. They gotta pump those numbers up!! For a conspiracy they sure are underperforming.


I have an honest question, and if you choose to ignore it again, then I have my answer. How do you not see the parallels in what you're saying should happen vs Obamacare? Now admitting you have some socialist thoughts might be a tough pill to swallow, but seriously..... how do you not see it? How do you not see that involving the government ruins a business sector. Healthcare insurance is garbage right now, and it's all because the government forced carriers to place coverage.

Oklahoma state law requires 10 calendar days notice not 45 in some instances. My lake home new policy with a new insurer was going to be terminated for an unacceptable main breaker panel manufacturer. I had to scramble to find a contractor to replace with a new panel & breakers and be done within 10 days. I opened a complaint with BBB against Mercury Insurance but learned the 10 day notice is all that Oklahoma requires. That short of a time frame allows almost no ability to resolve the identified issue (in my case) or find a new insurer without rushing in the event of cancellation.

Perhaps my case is different because it was a new policy and they failed the inspection item 60 days after it took place. I was shocked that they could only give 10 days notice. I will be telling them to KMA and moving to a new company at renewal in December.

 

[retrieverman]

My OK property insurance went from $1801 to $1794.

 

[JD8]

Oklahoma state law requires 10 days notice not 45. My lake home policy was going to be terminated for an unacceptable main breaker panel manufacturer. I had to scramble to find a contractor to replace with a new panel & breakers and be done withing 10 days. I opened a complaint with BBB against Mercury Insurance but learned the 10 day notice is all that Oklahoma requires. That short of a time frame allows almost no ability to resolve the identified issue (in my case) or find a new insurer without rushing in the event of cancellation.

In the context I was speaking, You're right, I was wrong. I'm speaking of being non-renewed, it's 30 days not 45. 45 is commercial P&C.

For mid term cancellation for cause, it's 10 days for non-pay, committing a crime, or change in risk etc. (seems an inspection found something?)

https://www.oid.ok.gov/consumers/in...insurance-policy/#1569238268599-1374e0bd-6abb

• You fail to pay the premium.
• You have committed fraud or made serious misrepresentations on your application.
• You willfully act in a way that increases any hazard the policy insures against.
• You violate any local fire, health, safety, building, or construction regulation or ordinance that increases hazards.
• A change in the risk occurs which substantially increases any hazard insured against.
• The Commissioner determines that the continuation of the policy would place the insurer in violation of Oklahoma insurance laws.
• The insured party is convicted of a crime having as one of its necessary elements an act increasing any hazard the policy insures against.

Doesn't surprise me though, Mercury is notoriously difficult.

 

[Ready_fire_aim]

I swear, this home insurance stuff has me so irritated too! Ours just keeps going up. We’re only a few years away from paying our place off. I want to drop insurance when I’m debt free. Screw them!

Hell I’ll put what I was giving them into an account and keep it around for potential home repair expenses. I’m in construction so I have connections and reduced cost situation on home repair work anyway. The only way I’d get screwed would be a total loss situation (which are very uncommon)

 

[JD8]

Perhaps my case is different because it was a new policy and they failed the inspection item 60 days after it took place. I was shocked that they could only give 10 days notice. I will be telling them to KMA and moving to a new company at renewal in December.

If that was the case I'd honestly file a complaint with the commissioner, especially, if they never asked what kind of breaker box you have upon writing the business. FWIW, the commissioner's office generally does take complaints/issues seriously.

 

[Chaparral]

My OK property insurance went from $1801 to $1794.

Do you mind providing the company name?

I have tried to get with Amica (top tier insurance company, higher ratings than USAA) but am too far from a fire hydrant and a fire department for their standards of policy. The water lines are not large enough for a hydrant. I have an agreement with the rural district to pump from any of my ponds.